I’m confused because I’m unfamiliar with any governments in the US that require homeowners or renters insurance. The closest I can think of is that FNMA or FMAC backed mortgages would surely require insurance to cover their collateral, but the government doesn’t require that you have a mortgage backed by either of those.
So… what are you talking about with “the government makes you have it”?
Also, how is it a scam? If you want to insure against a risk, you can choose to purchase an insurance policy against that risk. Sure, the insurer wants to make some profit off of that, but government insurance regulations and competition both help to keep that profit in check a bit…
There are many stories about people having home insurance but the insurance company refusing to pay because their inspection team didn’t approve the claim for some bullshit reason.
Housing insurance how it is is a scam you’re right but the insurance itself is not. If they could operate ethically (they cannot) then everything would be fine.
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I fail to see what is confusing. Insurance is a scam. You have it because the government makes you have it. So of course a grifter is going to grift.
I’m confused because I’m unfamiliar with any governments in the US that require homeowners or renters insurance. The closest I can think of is that FNMA or FMAC backed mortgages would surely require insurance to cover their collateral, but the government doesn’t require that you have a mortgage backed by either of those.
So… what are you talking about with “the government makes you have it”?
Also, how is it a scam? If you want to insure against a risk, you can choose to purchase an insurance policy against that risk. Sure, the insurer wants to make some profit off of that, but government insurance regulations and competition both help to keep that profit in check a bit…
There are many stories about people having home insurance but the insurance company refusing to pay because their inspection team didn’t approve the claim for some bullshit reason.
Housing insurance how it is is a scam you’re right but the insurance itself is not. If they could operate ethically (they cannot) then everything would be fine.